Respray headstock but keep inlay?

Hi there. I have a 78 westbury bass with a black headstock and mop inlay, the headstock is damaged around the edges.
I am going to refinish the whole thing but how do I prep and respray the headstock but keep the inlay?
Cheers.

Option #2
My english language teminology for painting jargon is lacking, but a mist edge is the spraying term we use over here to partially spray a spot with an invisible edge.

If it's just the Lyre/Triton inlay I found on the net, #1 is perfectly doable and would be my choice if the damage extends far on the HS face, but if the brand is an inlay as well and not a decal You can replicate, I'd strongly consider the #2.

I've used both methods with varying success, depending on the time and money that the specific tasks have allowed.

Thanks for that Sam, all a bit more clear now.
As to the bridge, it's where it was originally put in the factory, the holes either side are where someone in the past fitted another style of bridge, it could be an optical illusion as the intonation is perfect (it's standard 34 inch scale length)
The extra bridge holes are to be plugged with maple taken from under the pick guard (I already picked someone elses brains for that one!)
on the subject of bridges, I have checked with hipshot, and their replacement bridge for the 3 point EBO style doesn't have the height that I need.
but I do have a cunning plan for that too.
Thanks again for your help.